News

The New Zealand Market (NZX50 Index -2.1%) fell on the start of one of the busiest weeks for local the local market. Cyclone Gabrielle damage is expected to reach $8B, which majority aimed to be covered by insurance companies while the government tapping in emergency funding to spur recovery efforts – however it is believed this could be another inflationary event – making RBNZ’s job tougher to tame inflation.

QBE delivers a stellar result and soars; Manchester United’s bidding war gets serious, and more.

Tourism Holdings reports, Manchester United bidding war heats up, and unemployment in Australia rises.

The S&P 500 ended the session flat, as while inflation may has peaked it is remaining stubbornly high putting the brakes on the market’s anticipation of a slow down inflation.

Fletcher Building weighs the NZX down, Star Entertainment sinks, Palantir posts profit, and Contact Energy posts a solid result.

Happy monday, let’s get cracking – a lot to cover today. M&A over in the UK; ChatGPT’s (not so) existential threat to Alphabet, Dan Loeb jumps into Salesforce, entrenched inflation over in Norway & the US, and Mainfreight signals slowing growth.

Elders’ shares rise, Manchester United jumps +8.78% amid takeover talk, Disney fends of Nelson Peltz, and Mainfreight starts to show signs of slown-down.